NEXT Insurance now covers the automotive service and repair industry as the company continues to expand support for small businesses
PALO ALTO, Calif., February 2, 2022 /PRNewswire/ — Look who just walked into the store: NEXT Insurance, the leading digital insurance technology transforming small business insurance, today announced it is expanding its next-generation insurance coverage companies in the automotive service and repair sector. The company brings its fully digital General Liability (GL), Workers’ Compensation (WC), Commercial Automobile (CA) and Commercial Property (CP) lines to six new business categories: car repair, body shop, car wash. , oil change station, tire store and auto parts store. Like all NEXT products, the offer is available entirely online: customers can cover themselves in a few clicks with personalized cover, and savings of up to 19%.
Due to the high start-up costs of new businesses, many small business owners view insurance as a luxury they cannot afford. Setting up a new auto repair shop can cost more than $50,000 due to equipment costs. And as a small business grows, owners may not be aware of the coverage needed to ensure their business is protected against lawsuits and property damage. According to the US National Fire Protection Association, structural fires cause more than $130 million in damages in this industry every year.
“Small auto service businesses are another example of an industry that is largely underserved by traditional carriers, many of which won’t even consider offering affordable coverage to businesses less than three years in business,” said Effi Fuks-Leichtag, product manager of NEXT. “NEXT was created because we are committed to developing insurance solutions for every small business owner and entrepreneur, including those just starting out on their journey.”
NEXT leverages new technologies like machine learning to deliver fully digital, personalized, and affordable products that serve small businesses every step of the way. NEXT is one of only two carriers to offer digital insurance coverage directly to consumers in the automotive service industry, offering personalized and competitive plans that meet the needs of each customer, and is the only carrier to offer an online offer. line for car washes.
Small business owners in the automotive service industry prioritize speed, ease and savings from technological innovations when purchasing insurance, and many work with agents due to the complexity of the industry and the the need for multiple lines of coverage. NEXT’s online experience makes it easy for customers or agents to find the perfect cover for their business – and with instant underwriting and no loss reports to manage, they can get cover right away.
“NEXT has been a great partner for our agency, providing affordable coverage solutions to our clients across hundreds of business categories,” said Donald Rojas, agent for IKON Insurance Services. “As NEXT grows in the automotive industry, we are delighted to be able to offer our customers personalized coverage that will fit any budget and any size of business – and the ability to instantly obtain a certificate insurance is a huge bonus for the small business owners we serve.”
This expansion comes after a year of milestones for NEXT. The company tripled its gross written premium in 2021 – reaching a $650 million execution rate – and got a $250 million one-to-one funding cycle $4 billion Evaluation. NEXT also received an “A-Excellent” rating from AM Best and nearly tripled its number of employees. The company has cemented a strong multi-channel acquiring model and is now the largest provider of direct digital insurance for small businesses seeking general liability, workers’ compensation, liability professional, etc.
NEXT provides digital insurance coverage to small businesses across the United States and disrupts the traditional industry model by enabling businesses to acquire all P&C insurance products in a single online store. Providing insurance coverage for over 1,000 unique business types, NEXT tailors policies to their customers’ needs that are simple to understand and affordable.
Car maintenance and repair insurance coverage is now available in 37 states/districts: Alabama, Arkansas, Arizona, Colorado, Connecticut, washington d.c., Delaware, Georgia, Hawaii, Illinois, Indiana, Kentucky, Louisiana, Maryland, Michigan, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Caroline from the south, Tennessee, Texas, Utah, Virginia, Wisconsin, West Virginia and Wyoming. The price will start at $25 per month for general liability.
About NEXT Insurance:
NEXT Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Approved by 300K business owners, NEXT offers easy-to-sell policies in 10 minutes or less and provides 24/7 access to live insurance certificates, additional insureds and more at no additional cost. Revolutionizing a historically complicated insurance industry, NEXT uses AI and machine learning to simplify the buying process and reduce costs by up to 30% compared to traditional policies. Founded in 2016, the company is based in Palo Altoreceived a total of $881 million in venture capital funding, is rated “A-Excellent” by AM Best and has been recognized by Forbes Fintech 50, Inc.’s Best-Led Companies, and Forbes Best StartUp Employers. For more information, visit NEXTInsurance.com. Stay up to date with the latest news with NEXT on TwitterLinkedIn, Facebook and our blog.
Corporate Communications Manager
SOURCE NEXT Insurance